BOLTON WANDERERS chairman Ken Anderson has announced he will be forced to place the club in administration.
The Trotters had hoped to complete a takeover deal with Laurence Bassini, but the ex-Watford owner failed to complete a purchase despite efforts to find fresh backers.
Wanderers are still embroiled in proceedings in the High Court over a winding-up petition brought by HM Revenue & Customs over a £1.2m unpaid tax bill.
The relegated Championship club will now be made to start their League One campaign with a 12-point deduction next season.
In a statement on the club's official website, Anderson said: "Mr Bassini, regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution (in) the High Court hearing (is) not possible.
"This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses. But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history."
This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses.
Bolton were granted a second stay of execution by the high court earlier this month and pleaded with a judge to let them do a deal with Football Ventures to take over.
The Sky Bet Championship outfit faced a winding-up petition on April 3 over an unpaid tax bill but the case was adjourned until May 8 to allow the proposed sale of the club.
The stricken side, who SunSport revealed are £41.6million in the red, were unable to fulfil their final home league game of the season against Brentford.
The Bees were awarded the three points on the basis of a 1-0 win after Bolton's players went on strike in protest at unpaid wages.
FULL BOLTON STATEMENT
When Dean Holdsworth and l first got involved with the club three years ago, l recall the late Eddie Davies telling me that 'he had over 50 expressions of interest, mostly from dreamers and tyre kickers, who had indeed wasted a great deal of everyone's time.'
Unfortunately, three years on and nothing seems to have changed.
Mr Bassini has failed to provide any adequate and acceptable proof of current and future funding to the EFL, the other secured creditors or me despite him keep telling the media, and anyone else that listens, that he has the ability to perform since early March when first discussions were held with him and his advisors.His failure to perform has actually caused far greater hardship to the staff than would have occurred if he had not given undertakings he clearly cannot honour. For this I am deeply sorry and offer my apologies to the hard working staff of both the football club and Whites Hotel.
It is very disappointing that despite all of this he continues to make false accusations and promises, which are very misleading.The question I have been asked is why, given the numerous warnings, I entertained an approach from Mr Bassini, in hindsight this has proved a mistake. However, at the time the only alternative was to place the business in to administration, I felt giving him the opportunity to complete the deal was worth the risk of delaying this process by a few days, which unfortunately became weeks.
I really had no idea that the club, my family and myself would be dragged through the media in such tawdry manner, whilst Mr Bassini seems to show no regard for his own reputation. His continued inaccurate outbursts to anyone that waves a microphone at him have been both damaging and in the most wholly inaccurate.Mr Bassini, regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution the High Court hearing not possible.
This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses. But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history.
I would like to thank all my colleagues at Bolton Wanderers and Bolton Whites for all their hard work during my tenure as Chairman and owner. Whilst it is easy to focus on the negatives, the positives will leave me with some fond memories. I wish nothing but the very best for everybody connected with this football club and I have no doubt whatsoever that this great football club will once again stand shoulder to shoulder with the giants of the game.
The EFL stated that Bolton were guilty of misconduct and revealed that there would be disciplinary proceedings taken against them.
Phil Parkinson's men agreed to end their strike to play Nottingham Forest on the final day of the Championship season but they were defeated 1-0 at the City ground.
That result left them in 23rd spot with only Ipswich below them after finishing a dismal campaign with a run of seven consecutive losses.
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